1. At a Glance – The Boutique Hotel With a Bollywood Balance Sheet
₹242 crore market cap. ₹118 stock price. Down 25.8% in 3 months and a brutal 53.7% in one year.
Quarterly sales: ₹9.28 crore.
Quarterly PAT: ₹0.73 crore.
Stock P/E: 91.7.
ROCE: 1.55%.
ROE: 2.38%.
Debt: ₹314 crore.
Yes, you read that correctly. A hotel company earning ₹0.73 crore in Q3 is being valued like it owns half of South Goa.
Meanwhile, the company is changing its name to HBG Hotels Ltd from FY26. Because sometimes, when numbers don’t excite, branding might.
The latest Q3 FY26 (Dec 2025) results show sales of ₹9.28 crore with 18.32% operating margin. Not terrible for a boutique hospitality play. But compared to last year’s explosive quarter driven by ₹50+ crore other income? This looks like a calm after a financial storm.
So is this a sleepy Goa resort business… or a real estate leverage experiment disguised as hospitality?
Let’s unpack this beachside drama.
2. Introduction – Welcome to the Hede Hospitality Universe
Phoenix Township Ltd, incorporated in 1993, is engaged in the hospitality business. It’s part of the Hede Business Group of Goa — a group present in mining, hotels, travel services, and property holdings.
This is not a Taj. Not an ITC. Not a pan-India chain.
This is a focused, location-driven resort play.
Three resorts:
- Park Inn by Radisson, Candolim, Goa
- Phoenix Castle House, Palolem, Goa
- Phoenix Island Resort, Poovar Beach, Kerala
The company also has a subsidiary — Green First Estate Pvt. Ltd. — engaged in real estate activities.
But here’s where it gets interesting.
FY24 and FY25 were wild.
There was:
- Massive other income (₹197 crore in FY24)
- Land transactions
- Subsidiary investments
- Borrowings jumping from ₹23 crore (Mar 2023) to ₹314 crore (Sep 2025)
So what are we dealing with?
A steady resort operator?
Or a property-heavy capital deployment machine?
And why is the market valuing it at 91x earnings while ROE sits at 2%?
You feeling the suspense yet?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
1️ Resorts
- Park Inn by Radisson – Candolim, Goa
128 rooms, spa, banquet, restaurant, conference facilities. - Phoenix Castle House – Palolem, Goa
Pool, bar, restaurant, pool tables. - Phoenix Island Resort – Poovar Beach, Kerala
Cottage-based beachfront resort.
In FY25, the company signed an MOU with Marriott group for branding and development
